Eternity Law International — News — PSP license in Ireland

PSP license in Ireland

Published:
March 21, 2023

Firms providing services related to payments locally are covered by regulations of Central Bank of jurisdiction. To conduct this kind of activity, it is imperative to obtain such permission as a PSP license in Ireland. It’s preferable to delegate such a matter to specialists so the process goes quickly and there’re no additional difficulties. Consider the main points related to license-getting.

How to obtain PSP license in Ireland

Since normative rules for payment-services providers are formed in accordance with all regulative bases issued by European Union, procedure itself is quite similar to those in other countries that are part of the EU. In general, we can divide licensing-process for payment-agent license in Ireland into several phases.

  1. First entrepreneurs send applications and documentation to regulatory authorities. Regulator acknowledges application reception.
  2. Regulatory authorities are engaged in checking the company’s data. If some data is not enough, consideration of case is stopped until applicant completes documentation.
  3. Then authorities check application again, if data is full, then compliance assessment takes place.
  4. If application is satisfactory, authorities inform licensee about the possibility of obtaining a permission.
  5. If a person or a firm fulfills norms of regulatory authorities, permission is released.

Entrepreneurs have opportunities to buy payment service provider licenses in Ireland. It saves a lot of time and personal means by starting commercials from day one.

To get PSP-license in Ireland

Initially, to register payment services provider in Ireland a representative of individual or organization who wants to get this permit must first meet with a representative of the regulator. This is necessary in order to discuss the future work of the company, whether it is necessary and possible to obtain a business-license, and other aspects.

Next, the first stage of licensing-process begins – application’ sending with necessary documentation:

  • copies of Statute of the enterprise;
  • business-plan for next three years, including forecasts on monetary issues;
  • program for conducting monetary means transfers;
  • management and supervision schemes;
  • monitoring and ensuring the safety of client accounts;
  • personal information about directors and major shareholders, managers;
  • corporation structure.

Ready-made PSP for sale is offered with a license already issued and approved. It makes it much easier for an entrepreneur to enter business-environment.

Requirements for payment service providers

According to requirements for PSP-license, a business needs to have start-up capital. Its size differs, based on services planned for provision:

  • 20 thousand euros, if only monetary means transfers are performed;
  • 50 thousand euros if payment transactions are offered that require additional confirmation;
  • €125,000 for firms that offer several services related to payments.

It’s also mandatory that after licensing a PSP company in Ireland, company must maintain its capital.If you own a payment-services company and intend to get Irish permission, please contact our specialists. We have been dealing with licensing issues in different jurisdictions for many years and we know how to fill out all the documents correctly and avoid mistakes. By resorting to such an option as an opportunity to buy a company with PSP license in Ireland, you’ll save not only money, but time. If you apply on your own, it may take to constantly supplement the documentation package. We also have an extensive list of other licenses and firms for sale.

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